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TMI Blog2015 (11) TMI 627X X X X Extracts X X X X X X X X Extracts X X X X ..... ORDER The order of the Bench was delivered by 1. R. C. Sharma (Accountant Member).-This is an appeal filed by the assessee against the order of the Commissioner of Income-tax (Appeals), Mumbai dated February 18, 2013, for the assessment year 2009-10, in the matter of order passed under section 143 of the Income-tax Act, 1961. 2. In this appeal, the grievances of the assessee against the actio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the statutory deduction and held that there is no reason for allowing any other expenses on account of such flats. In appeal, the Commissioner of Income-tax (Appeals) confirmed the action of the Assessing Officer against which the assessee is in further appeal before us. 4. It was contended by the learned authorised representative that the main object of the assessee was to commercially exploit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le as income from house property. Therefore, the Assessing Officer reopened the assessment year under consideration on the plea that instead of standard deduction under section 24, the assessee had claimed business expenses. Thereafter in the assessment framed under section 143(3) read with section 147, the Assessing Officer assessed income under the head of "Income from house property" and declin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shers, expensive light fittings and furniture items, including fire safety mechanisms and around the clock professional security and maintenance team. During the year under consideration the assessee was in receipt of the following income : (Rs.) Licence fee 35,17,782 Furniture hire charges 10,50,000 Service charges 19,62,473 Forfeiture 4,61,500 69,91,755 6. For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome arising thereon is liable to be assessed under the head "Income from business" and cannot be treated as income from house property. 7. In view of the decision of the hon'ble Supreme Court in the case of Chennai Properties and Investments Ltd. v. CIT [2015] 373 ITR 673 (SC), we restore the matter back to the file of the Assessing Officer for deciding afresh after considering the propositio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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